1) How much is the Net Income?

2) End Retained Earnings = Net Income minus Dividends. True or False?

3) In the Balance Sheet, Stockholders' equity includes Capital Stock, & End Retained Earnings. True or False?

4) We need to prepare Income Statement first and then the Balance sheet second. The Statement of Retained Earnings is the third step. True or False?

5) Without calculation of the Ending Balance of Retained Earnings, it is impossible to have a balanced Balance Sheet. True or False?

Use the pick lists associated with the unprotected cells to prepare Your Name's income statement, statement of retained earnings, and balance sheet for the year ending December 31, 20X5. The following information is all that is available. Be sure to prepare proper headings and dates on each financial statement. As a general rule of thumb the boxed areas should all be green, with no red showing. Capital stock Wage expense Services to customers Cash Utilities expense Beginning retained earnings Rent expense Accounts payable Equipment Dividends Accounts receivable Notes payable $ 69,444 14,428 28,633 6,944 1,827 81,115 5,771 5,000 144,289 1,441 27,778 18,285 Revenues Expenses Utilities expense Net income Your Name Company $ 14,428 $ $ 28,633 14,428 14.206 Net income Ending retained earnings Your Name Company $ $ 14,206 14,206 14,206 Assets Accounts receivable Total assets Liabilities Accounts payable Total liabilities Stockholders' equity Ending retained earnings Total stockholders' equity Total liabilities and equity 14,206 $ $ $ 6,944 6.944 14,206 14,206